Cambridge, MA-based Dyax has snared a $30 million payment from Paul Capital Partners in exchange for a portion of the revenue generated by its Phage Display Licensing and Funded Research Program. Dyax can earn another $5 million based on revenue goals covering the next two years. In late July Dyax reported widened losses for its second quarter following the termination of its collaboration with Debiopharm.
"This financing structure allows Dyax to unlock the value of future revenues from this highly successful licensing program and receive a substantial cash infusion without a dilutive equity financing," commented Henry E. Blair, Chairman and Chief Executive Officer of Dyax. "The upfront $30 million payment will allow us to continue advancing our HAE and CABG programs and to fund other therapeutic leads from Dyax's extensive pipeline of internally discovered candidates. Furthermore, Dyax still retains a significant interest in future LFRP revenues, the value of which is now validated."
- see the release on the deal